NUVB vs VXZ: Correlation
How closely do Nuvation Bio Inc. (NUVB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUVB and VXZ?
Across a 3-year window, the weekly returns of NUVB and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.29). Stretching to 5 years gives -0.27, with an annualized covariance of -649.7 %².
VXZ is close to the least connected end of NUVB's tracked universe, ranking #11 of 13. The last year tells two different stories: NUVB led by 153.0 percentage points, +136.9% for NUVB against -16.1% for VXZ. One caveat on sizing: NUVB is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NUVB vs VXZ: side by side
| NUVB (Nuvation Bio Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +136.9% | -16.1% |
| 5-year return | -25.8% | -53.1% |
| Volatility (ann.) | 87.3% | 25.6% |
| Beta vs S&P 500 | 1.90 | -1.31 |
| Max drawdown (3Y) | -58.2% | -36.4% |
| Market cap | $2.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUVB | VXZ |
|---|---|---|
| 2022 | -77.4% | +0.5% |
| 2023 | -21.4% | -44.0% |
| 2024 | +76.2% | -12.7% |
| 2025 | +236.8% | +5.7% |
| 2026 | -22.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUVB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between NUVB and VXZ?
The NUVB/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.18, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for NUVB?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nuvb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuvb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUVB correlations · VXZ correlations
